South Dakota 2025 Regular Session

South Dakota Senate Bill SB155 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	25.555.32 100th Legislative Session 155
	1	+	25.555.31 100th Legislative Session 155
2	2
3	3
4	4		2025 South Dakota Legislature
5	5		Senate Bill 155
6		-	ENROLLED
7		-
8		-	AN ACT
9		-
10		-
11		-	ENTITLED An Act to reduce the amount of net receipts of unclaimed property
12		-	deposited into the general fund.
13		-	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
14		-	Section 1. That § 43-41B-24 be AMENDED:
15		-	43-41B-24. Except as otherwise provided by this section, the administrator shall
16		-	promptly deposit in the general fund all moneys received under this chapter, including the
17		-	proceeds from the sale of abandoned property under § 43-41B-23, not to exceed the
18		-	general fund contribution limit, as defined in section 3 of this Act, in a fiscal year.
19		-	The administrator shall maintain in a separate unclaimed property operating fund
20		-	an amount not more than five hundred thousand dollars from which the administrator
21		-	must make prompt payment of claims duly allowed. Before making the deposit, the
22		-	administrator must record the name and last known address of each person appearing
23		-	from the holders' reports to be entitled to the property and the name and last known
24		-	address of each insured person or annuitant and beneficiary, and with respect to each
25		-	policy or contract listed in the report of an insurance company, its number, the name of
26		-	the company, and the amount due. The record must be available for public inspection at
27		-	all reasonable business hours.
28		-	Section 2. That § 43-41B-24.1 be AMENDED:
29		-	43-41B-24.1. Money in the unclaimed property operating fund for the payment
30		-	of claims and costs incurred in examining records of holders of property and in collecting
31		-	the property from those holders is continuously appropriated. Expenditures for claims and
32		-	costs incurred in examining records of holders of property and in collecting the property
33		-	from those holders must be paid upon warrants drawn by the state auditor pursuant to
34		-	vouchers authorized by the state treasurer. All moneys paid out by the state treasurer for
35		-	claims and costs incurred in examining records of holders of property and in collecting the 25.555.32 2 155
36		-	SB155 ENROLLED
37		-	property from those holders under chapter 43-41B must be set forth in an informational
38		-	budget as described in § 4-7-7.2 and be annually reviewed by the Legislature.
39		-	Section 3. That a NEW SECTION be added to chapter 43-41B:
40		-	For purposes of § 43-41B-24, "general fund contribution limit" means an amount
41		-	equal to the cost of operational expenses for the Unclaimed Property Division in each of
42		-	the following fiscal years plus:
43		-	(1) For fiscal year 2026, $61,384,827;
44		-	(2) For fiscal year 2027, $58,000,000;
45		-	(3) For fiscal year 2028, $54,000,000;
46		-	(4) For fiscal year 2029, $50,000,000;
47		-	(5) For fiscal year 2030, $46,000,000;
48		-	(6) For fiscal year 2031, $42,000,000;
49		-	(7) For fiscal year 2032, $38,000,000;
50		-	(8) For fiscal year 2033, $34,000,000;
51		-	(9) For fiscal year 2034, $30,000,000; and
52		-	(10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000.
53		-	Section 4. That a NEW SECTION be added to chapter 43-41B:
54		-	There is created in the state treasury the trust fund for unclaimed property. The
55		-	fund consists of any net receipts from unclaimed property that exceed the maximum
56		-	deposit requirements of section 3 of this Act.
57		-	The state treasurer shall administer the fund. The purpose of the fund is to provide
58		-	for the return of unclaimed property, provide for the payment of audit expenses, and
59		-	deposit into the general fund the distribution amount, in accordance with section 5 of this
60		-	Act. Distribution amounts from the fund must be budgeted through the general
61		-	appropriation bill as provided for in section 5 of this Act or expended by special
62		-	appropriation. Moneys comprising the principal amount in the trust fund for unclaimed
63		-	property may not be appropriated by the general appropriations act or by special
64		-	appropriation.
65		-	Section 5. That a NEW SECTION be added to chapter 43-41B:
66		-	Beginning in fiscal year 2026 and each fiscal year thereafter, the state treasurer
67		-	shall, after paying from the unclaimed property operating fund all claims and any 25.555.32 3 155
68		-	SB155 ENROLLED
69		-	administrative costs associated with the sale of unclaimed property, deposit into the
70		-	general fund the net receipts from unclaimed property, up to the general fund contribution
71		-	limit, as established in section 3 of this Act.
72		-	Any net receipts from unclaimed property that exceed the general fund contribution
73		-	limit as defined in section 3 of this Act, must be deposited into the trust fund for unclaimed
74		-	property.
75		-	The state investment officer shall calculate an amount equal to four percent of the
76		-	market value of the trust fund for unclaimed property, without invading principal, as
77		-	eligible for distribution to the general fund. Until fiscal year 2031, the distribution must be
78		-	based on the market value as of each December thirty -first, beginning with the market
79		-	value as of December 31, 2025. Beginning with the distribution in fiscal year 2031, the
80		-	market value must be determined by adding the market value of the trust fund at the end
81		-	of the sixteen most recent calendar quarters as of December thirty-first, and dividing the
82		-	sum by sixteen. Upon notice of the amount by the state investment officer, the state
83		-	treasurer shall transfer the distribution amount from the trust fund to the general fund as
84		-	soon as practicable after July first of the next fiscal year. 25.555.32 4 155
85		-	SB155 ENROLLED
86		-	An Act to reduce the amount of net receipts of unclaimed property deposited into the general
87		-	fund.
88		-
89		-
90		-
91		-
92		-	I certify that the attached Act originated in
93		-	the:
94		-
95		-	Senate as Bill No. 155
96		-
97		-
98		-
99		-	Secretary of the Senate
100		-
101		-
102		-
103		-
104		-	President of the Senate
105		-
106		-	Attest:
107		-
108		-
109		-
110		-
111		-	Secretary of the Senate
112		-
113		-
114		-
115		-
116		-	Speaker of the House
117		-
118		-	Attest:
	6	+	SENATE ENGROSSED
119	7
120	8
121	9
122	10
123	11
124		-	~~Chief Clerk~~
	12	+	Introduced by: Senator Howard
125	13
126		-
127		-
128		-	Senate Bill No. 155
129		-	File No. ____
130		-	Chapter No. ______
131		-
132		-
133		-
134		-	Received at this Executive Office
135		-	this _____ day of _____________,
136		-
137		-	2025 at ____________M.
138		-
139		-
140		-
141		-	By
142		-	for the Governor
143		-
144		-
145		-	The attached Act is hereby
146		-	approved this ________ day of
147		-	______________, A.D., 2025
148		-
149		-
150		-
151		-
152		-
153		-	Governor
154		-
155		-	STATE OF SOUTH DAKOTA ,
156		-	ss.
157		-	Office of the Secretary of State
158		-
159		-
160		-	Filed ____________, 2025
161		-	at _________ o'clock __M.
162		-
163		-
164		-
165		-
166		-
167		-	Secretary of State
168		-
169		-
170		-
171		-	By
172		-	Asst. Secretary of State
173		-
174		-
	14	+	Underscores indicate new language.
	15	+	Overstrikes indicate deleted language.
	16	+	An Act to reduce the amount of net receipts of unclaimed property deposited into 1
	17	+	the general fund. 2
	18	+	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 3
	19	+	Section 1. That § 43-41B-24 be AMENDED: 4
	20	+	43-41B-24. Except as otherwise provided by this section, the administrator shall 5
	21	+	promptly deposit in the general fund of this state all moneys received under this chapter, 6
	22	+	including the proceeds from the sale of abandoned property under § 43-41B-23, not to 7
	23	+	exceed the general fund contribution limit, as defined in section 3 of this Act, in a fiscal 8
	24	+	year. 9
	25	+	The administrator shall retain maintain in a separate trust unclaimed property 10
	26	+	operating fund an amount not more than five hundred thousand dollars from which the 11
	27	+	administrator must make prompt payment of claims duly allowed. Before making the 12
	28	+	deposit, the administrator must record the name and last known address of each person 13
	29	+	appearing from the holders' reports to be entitled to the property and the name and last 14
	30	+	known address of each insured person or annuitant and beneficiary, and with respect to 15
	31	+	each policy or contract listed in the report of an insurance company, its number, the name 16
	32	+	of the company, and the amount due. The record must be available for public inspection 17
	33	+	at all reasonable business hours. 18
	34	+	Section 2. That § 43-41B-24.1 be AMENDED: 19
	35	+	43-41B-24.1. Money in the unclaimed property trust operating fund for the 20
	36	+	payment of claims and costs incurred in examining records of holders of property and in 21
	37	+	collecting the property from those holders is continuously appropriated. Expenditures for 22
	38	+	claims and costs incurred in examining records of holders of property and in collecting the 23
	39	+	property from those holders must be paid upon warrants drawn by the state auditor 24
	40	+	pursuant to vouchers authorized by the state treasurer. All moneys paid out by the state 25 25.555.31 2 155
	41	+	Underscores indicate new language.
	42	+	Overstrikes indicate deleted language.
	43	+	treasurer for claims and costs incurred in examining records of holders of property and in 1
	44	+	collecting the property from those holders under chapter 43-41B must be set forth in an 2
	45	+	informational budget as described in § 4-7-7.2 and be annually reviewed by the 3
	46	+	Legislature. 4
	47	+	Section 3. That a NEW SECTION be added to chapter 43-41B: 5
	48	+	For purposes of § 43-41B-24, "general fund contribution limit" means an amount 6
	49	+	equal to the cost of operational expenses for the Unclaimed Property Division in each of 7
	50	+	the following fiscal years plus: 8
	51	+	(1) For fiscal year 2026, $61,384,827; 9
	52	+	(2) For fiscal year 2027, $58,000,000; 10
	53	+	(3) For fiscal year 2028, $54,000,000; 11
	54	+	(4) For fiscal year 2029, $50,000,000; 12
	55	+	(5) For fiscal year 2030, $46,000,000; 13
	56	+	(6) For fiscal year 2031, $42,000,000; 14
	57	+	(7) For fiscal year 2032, $38,000,000; 15
	58	+	(8) For fiscal year 2033, $34,000,000; 16
	59	+	(9) For fiscal year 2034, $30,000,000; and 17
	60	+	(10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000. 18
	61	+	Section 4. That a NEW SECTION be added to chapter 43-41B: 19
	62	+	There is created in the state treasury the trust fund for unclaimed property. The 20
	63	+	fund consists of any net receipts from unclaimed property that exceed the maximum 21
	64	+	deposit requirements of section 3 of this Act. 22
	65	+	The state treasurer shall administer the fund. The purpose of the fund is to provide 23
	66	+	for the return of unclaimed property, provide for the payment of audit expenses, and 24
	67	+	deposit into the general fund the distribution amount, in accordance with section 5 of this 25
	68	+	Act. Distribution amounts from the fund must be budgeted through the general 26
	69	+	appropriation bill as provided for in section 5 of this Act or expended by special 27
	70	+	appropriation. Moneys comprising the principal amount in the trust fund for unclaimed 28
	71	+	property may not be appropriated by the general appropriations act or by special 29
	72	+	appropriation. 30
	73	+	Section 5. That a NEW SECTION be added to chapter 43-41B: 31 25.555.31 3 155
	74	+	Underscores indicate new language.
	75	+	Overstrikes indicate deleted language.
	76	+	Beginning in fiscal year 2026 and each fiscal year thereafter, the state treasurer 1
	77	+	shall, after paying from the unclaimed property operating fund all claims and any 2
	78	+	administrative costs associated with the sale of unclaimed property, deposit into the 3
	79	+	general fund the net receipts from unclaimed property, up to the general fund contribution 4
	80	+	limit, as established in section 3 of this Act. 5
	81	+	Any net receipts from unclaimed property that exceed the general fund contribution 6
	82	+	limit as defined in section 3 of this Act, must be deposited into the trust fund for unclaimed 7
	83	+	property. 8
	84	+	The state investment officer shall calculate an amount equal to four percent of the 9
	85	+	market value of the trust fund for unclaimed property, without invading principal, as 10
	86	+	eligible for distribution to the general fund. Until fiscal year 2031, the distribution must be 11
	87	+	based on the market value as of each December thirty -first, beginning with the market 12
	88	+	value as of December 31, 2025. Beginning with the distribution in fiscal year 2031, the 13
	89	+	market value must be determined by adding the market value of the trust fund at the end 14
	90	+	of the sixteen most recent calendar quarters as of December thirty-first, and dividing the 15
	91	+	sum by sixteen. Upon notice of the amount by the state investment officer, the state 16
	92	+	treasurer shall transfer the distribution amount from the trust fund to the general fund as 17
	93	+	soon as practicable after July first of the next fiscal year. 18